CapMan Buyout X fund inked a deal to purchase a majority stake in Harvia Oy, a Finnish sauna business, a statement about the investment said. The deal is set to be closed by the end of May this year after it has been approved by the competition regulators. No financial terms of the agreement were given.

The investment will pave the way for a generation shift in one of the leading firms in the sauna industry and grow the business not only in Muurame, Finland but in its key export markets in the world. Owned by the Harvia family, the company was founded in 1950 and now counts steam rooms, bathroom saunas and sauna accessories among its offerings, the statement said.

CapMan Buyout Partner Anders Björkell said in the statement, "Harvia fits our investment strategy very well. The company is a market leader in its industry and it is exceptionally well managed. It also has a strong corporate culture, a respected brand and loyal customers. Harvia's success is based on its competent staff, efficient production and excellent R&D. We are happy about the opportunity to support Harvia's growth and to further develop the company together with Harvia family." According to the statement, CapMan Buyout is the biggest mid-market private equity company operating in the Nordic region.

Last year, Harvia posted a turnover of €47 million. Of this amount, 40% came from its home turf in Finland while the remaining 60% was due to the exports it made in more than 60 countries. It has a workforce of 300 employees, with 200 in Finland and the rest spread between China and Hong Kong, the statement said.

The sauna company's current owners will still hold minority stakes in the firm and will still remain in their current management posts. As part of the deal, the other family representatives of Harvia as well as its key employees will be given the chance to invest in the company, the statement said.